Avendus PE Investment Advisors to launch Rs 1,000 crore structured credit fund

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AIF, credit fund, AIF Category II, avendus, ASCF II, investment

Avendus PE Investment Advisors, an asset management arm of Avendus Group, plans to launch a Rs 1,000 crore structured credit fund soon under alternative investment fund (AIF) Category II.

ASCF–II is a sector-agnostic fund focused on the performing credit space, providing structured credit solutions to high-quality, growth-oriented companies with differentiated business models, backed by marquee sponsors, according to the company. The fund plans to invest in secured transactions of operating companies as well as holding companies.

The fund will target to generate an internal rate of return in the range of 15-16%. Avendus has committed to investing a minimum of 20% of the total fund size and will raise the rest from others.

This will be the second structured credit fund from Avendus targeting a total corpus of Rs 1000 crore, including the green shoe option of Rs 500 crore. The potential investors of the fund includes family offices and a network of high-net-worth individuals apart from the institutions.

The Avendus Structured Credit Platform has a track record of over ten years, including an investment track record of more than five decades through an NBFC (Avendus Finance) and the first AIF Category II fund, Avendus Structured Credit Fund I (“ASCF–I”). Over the last five years, it has completed more than 50 transactions with a total investment of over Rs 3000 crore in the structured credit space.

ASCF–I, launched in October 2017, invested in 9 transactions, out of which five have been fully exited, and two have been partially exited. It has returned 100%+ capital on a cash-on-cash basis within four years of its launch with a portfolio level gross IRR of 17.5-18%.

According to Nilesh Dhedhi, fund manager, Avendus Structured Credit Fund, the company, through the new fund, would continue to increase our footprint in the credit investment space and strengthen its investment strategy to provide structured credit solutions to larger businesses while generating superior risk-adjusted returns for our investors.

“A growing economy and the emergence of new and rapidly changing business models have necessitated capital needs that are spread across the spectrum of debt and equity for the Indian corporate sector. It has become increasingly evident that the conventional pool of debt cannot meet the increasing demand for structured credit in India. Being an integral part of India’s entrepreneurial ecosystem and having unique and wide access to marquee businesses in the mid to large corporate segments, Avendus is uniquely placed to address the market on the back of its relationships, knowledge, and experience said.

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